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Ensure transparency in Pension Trustee Administration – CEO

William Asiedu Yeboah, the Chief Executive Officer of Negotiated Benefits Trust Company Limited (NBC Ghana Trust), has called for transparency in corporate and individual trustee administration. Commenting on the impact of the banking reforms on pension funds, the NBC Ghana Trust CEO stressed that the board of trustees for each …

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Ghana signs MoU with Germany to finalise membership in ATI

Ghana has signed a Memorandum of Understating (MoU) with KfW, a German State-owned development bank, to finalise membership in the African Trade Insurance (ATI) Agency towards lowering borrowing costs, extending tenors and increasing investments. As the first financing agreement under the Reform and Investment Partnership with Germany, the MoU assisted …

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Gloomy pension future for 90% of Ghana’s private sector workers

Most of the people employed in Ghana, work in the private sector. Some 85 per cent of all people employed, work in that sector, but they have no pension future, according to the National Pensions Regulatory Authority (NPRA). The NPRA says 85 per cent of the working population in Ghana …

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Private Pension Scheme assets said to have grown to GH¢13.1b

Mr Ernest Amartey- Vondee, Director of Regulation, National Pensions Regulatory Authority (NPRA), said the private scheme assets have grown to GH¢13.1 billion while that of SSNIT stood at GH¢9.24 billion. That, he said, was an indication that the tier-2 Pensions Scheme is a better choice, adding that “there is the …

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SSNIT pays GH¢1.7b to pensioners

The Social Security and National Insurance Trust (SSNIT) has paid over GH¢1.7 billion to more than 200,000 pensioners on the pension payroll as at July 2019. It has also reduced its average benefits processing time from 21 days in 2018 to 17 days and registered 106 per cent of its …

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GES, SIC violating Labour Act – TEWU

The Teachers and Educational Workers Union (TEWU) of Trade Union Congress has said the decision by the Ghana Education Service (GES) to impose the State Insurance Company (SIC) policy on its staff violated the country’s Labour Act. Section 70(1)(a) of the Labour Act 2003 (ACT 651) states that “an employer …

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China to overtake US as world’s biggest insurance market

China is expected to surpass the United States to become the world’s largest insurance market in the mid-2030s, according to a report from Swiss Re Institute. China consolidated its position as the second largest insurance market globally in 2018, with total premiums reaching $575 billion. However, the Chinese market is …

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We have the right conditions for investment – GIPC

Mr. Yofi Grant, the Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), has urged Ghanaians in the diaspora to take advantage of the country’s numerous investment prospects to facilitate development. He said the country has  investment opportunities that were underutilized or untapped, which required huge capital and …

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SSNIT asked to redouble efforts to capture workers in informal sector

Reverend Johnson Avuletey, Deputy Volta Regional Minister, has challenged the Social Security and National Insurance Trust (SSNIT) to redouble efforts at capturing self-employed and workers in the informal sector in the Region under the Scheme. He observed that the state of many aged people especially in the informal sector, who …

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SSNIT says GH¢43m saved after clearing pension payroll of ghost names

The Social Security and National Insurance Trust (SSNIT) has saved a whooping GH¢43 million as of April this year after deleting over 6,300 ghost pensioners from its payroll. The Trust in February last year, begun an exercise to clean the pension payroll of ghost names in collaboration with the banks, …

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